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Panasonic talks Tesla

  • Panasonic (OTCPK:PCRFF, OTCPK:PCRFY) reported a 15% drop in operating profit during Q3 as the U.S.-China trade squabble dented demand for automation equipment and Gigafactory costs chipped away. Operating profit during the quarter was ¥95.2B vs. ¥112.60B consensus estimate.
  • While the Japanese company pointed to higher expenses associated with the running of the Gigafactory in tandem with Tesla (NASDAQ:TSLA) during the post-earnings conference call, management also signaled that battery capacity expansion is still part of the plan given additional investment by Tesla.
  • "Investment for capacity beyond 35 GWh means that Tesla would also need to make substantial investment in vehicle production, so we will closely align with each other," said Panasonic CEO Kazuhiro Tsuga. He also stated that the U.S. Gigafactory will be a priority of Panasonic over any investment in Tesla's China operations.
  • Shares of Panasonic finished up 2% today in Tokyo. Tesla is up 0.73% in premarket trading to $333.00.
  • Panasonic earnings release

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